A senior citizen was cheated of more than Rs 62 lakh after his demat trading account was fraudulently manipulated by former and current employees of a reputable brokerage firm in Malad. The scam came to light on July 24, when the victim, Jayesh Shamjibhai Patel, a Borivli East resident who has been trading since 2018, visited the company office to update his KYC (Know Your Customer) details. He was surprised to learn that his KYC had already been updated.

When the company staffer checked the system, they discovered that Patel’s bank account, mobile number, and email ID had been fraudulently altered. His registered Bank of Baroda (Goregaon branch) account had been replaced with that of the State Bank of India (Satara branch). Subsequently, between June 5 and July 4, a total of R62,33,491 was siphoned off in seven transactions from the company’s bank account to the fraudulently linked account of another bank.